Why one should bet on ready to move in projects post-COVID lockdown ?
May 07, 2020
The real estate sector is a reliable and essential element in building a nation’s economy. It generates employment, attracts investments, and is a great driver of GDP. Since it is the main transformer in the economic development of the country, countries pay close attention to its development and plans. For a long time, Indian real estate was finding it difficult to run on the right track. The liquidity crisis and imbalance in the supply-demand graph led to enormous losses for developers and buyers’ trust. However, the last quarter of the previous year showed some improvements and growth due to the increased investments from NRIs on the commercial and residential spaces.
The improvements in the sector roped in for high hopes. According to, “India Brand Equity Foundation,” a trust established by the Department of Commerce, Indian Ministry of Commerce and Industry, the sector was expected to reach a market size of $1 trillion by 2030 from $120 billion in 2017 and contribute 13 percent of the country’s GDP by 2025.
But all the predictions now seem blur amidst the terror of COVID-19 pandemic. The deadly virus that has forced the world to go on shutdown and has led the global economy to witness its worst phase in a hundred years has currently stopped all the possibilities of growth of the current driving realty demand in the nation.
The complexities created due to the pandemic has led to a total shutdown on the real estate front. The laborers have gone home and are in no hurry to return to work before Diwali. Apart from that, the lockdown has prevented buyers from inspecting properties and investing their money in the desired spaces.
The sudden pause will surely make way for a significant setback to the sector that was almost on the way to balance the equilibrium of demand and supply. As per the current situations, the gap between demand and supply is widening with time. Non- resident Indian investments have also stopped for an unprecedented period.
However, the increased demand for housing has kept the hopes of the developers still alive. Stakes on residential properties are still high, but the dilemma of paying for under-construction property or investing in a ready-to-move-in one remains intact.
With time like these, where the future seems uncertain for every sector, investing in a ready to move in home is a safe bet.
A ready to move in property is equipped with the essentials to accommodate an immediate occupancy. By buying one, it will save you time, and you won’t have any risks of a delay from the developers. Secondly, the burden of paying EMIs and rent at the same time can also be avoided.
Investing in a ready to move in property is a perfect decision. Whether you want to move in or not, you can rent your property and earn a passive income or can rest comfortably inside your new home.
Another benefit you can count on is that investors don’t have to pay GST of 5% that applies to buy an under-construction property. No applicability of GST on ready to move in properties with “Occupancy certificate” is a win-win situation as it reduces the overall financial outflow.
A ready to move in property is a safe bet for NRI investors as it consumes zero risks and immediate access to a home that they can earn some returns with. Another benefit that is tagged along with a ready to move in house is the facilities attached to it. You can check your neighborhood, locality, and all the accessible amenities around the area. This also assures reliable feedback for hassle-free decisions.
As the nation is under the second lockdown, real estate developers are attracting buyers by waiving off stamp duty, registration, payment schemes, freebies, such as modular kitchens, essential fittings, and reserved parking space, etc., on ready-to-move-in properties. The property might be costlier than the under-construction projects, for obvious reasons, but it is an adequate investment that will justify its growth corridors shortly.